Bridging The Gap - Connecting ROI from Marketing to Finance
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This document discusses bridging the gap between marketing and finance departments by connecting marketing ROI with financial ROI. It outlines how each department typically views the other and proposes four ways to start tracking goals jointly: 1) Start on the same page by defining success metrics and formulating a plan; 2) Set specific and realistic measurable goals; 3) Test initiatives on a small scale before broader implementation; 4) Regroup and share a wrap report on metrics, insights and follow-up actions. Common missteps in measurement like lacking context or focusing only on data are also addressed.
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Bridging The Gap - Connecting ROI from Marketing to Finance
- 1. BRIDGING THE GAP CONNECTING MARKETING ROIWITH FINANCIALROI @garyedgar
- 3. HOW MARKETERS SEE FINANCE • Hate spending • Constantlylooking forjustification • Stickwithwhatworks • It’s always about the ‘bottom line’
- 4. HOW FINANCE SEES MARKETERS • Spend thrifts • Want to dowhat’s cool– not necessarilywhat’s practical • Creativitycan’t be quantified • It’s allabout ‘brand awareness’
- 5. HOW DO WE BRIDGE THE GAP? • Howdoyou connect both areas efforts? • Howcanyou track and delivermetrics that appease both departments? • Howdoyou get everyone to love one another?
- 8. WHAT ARE YOU TRYING TO MEASURE? • Sales • CustomerSatisfaction • Business Leads • Cost benefits ofsocialcustomerservice • Customerretention • Etc….
- 9. MOTIVATIONS • Finance’s needs • Marketing’s needs • Where does the overlap exist?
- 10. 4 WAYS TO START TRACKINGGOALS
- 11. 1. START ON THE SAME PAGE • What does success look like? • Define the related success metrics • Ensure the proper infrastructure exists • Formulate a plan a stick to it
- 12. • Increase sales leads • 100 newbusiness leads generated through ourwebsite • Site analytics • Trackableweb links • Ad orcontent tracking data • Formulate an approach/plan
- 13. 2. SET MEASURABLE (& REALISTIC) GOALS • Be specific –vague goals generate vague metrics • Bettergoal-setting allows fora more targeted and specific campaign • More detailwillprobablycost more money
- 15. 40% PAGE ENGAGEMENT 15,000 FANS IN FIRST YEAR 33% INCREASE IN PRODUCT SALES
- 16. 3. TEST AND LEARN • Start smallwith a reasonable sample size • Testyourhypothesis before trying it on a largerscale • Be nimble and be prepared to pivotwith yourexecution
- 17. CASE STUDY • DriveretailsalesoftheHusqvarnaToysat theLawnmowerHospitalbypromotinga anexclusiveFacebook.offer • Offertargetedonlytosurroundingareas andforalimitedtime • Redemptionwasonlyavailablein-store • Linksweretrackedforclicksforbuying intention • Redemptionsweretrackedinstore
- 18. 4. REGROUP AND SHARE • Deliveran ‘end-of-campaign’wrap report to review • Focus on associated metrics and analytics • Ensure report includes keyinsights, take- aways and actionable items forfollow-up campaigns
- 20. LET THE NUMBERS WORK FOR YOU
- 21. ADD CONTEXT
- 22. AVOID DATA PORN
- 23. MAKE IT VISUAL
- 25. REVIEW
- 26. • Start on the same page • Set measurable (& realistic) goals • Test and learn • Regroup and share
- 27. CONTACT Gary Edgar gary@ruckusdigital.com +1 (416) 934-2119